Tennessee Code 9-23-104 – Time limitations on allocations
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 9-23-104
- best interest of the state: means an extended plan term or term extension is reasonably required for plan completion. See Tennessee Code 9-23-102
- Commissioner: means the commissioner of economic and community development. See Tennessee Code 9-23-102
- Comptroller: means the comptroller of the treasury. See Tennessee Code 9-23-102
- Plan: means a redevelopment plan approved pursuant to title 13, chapter 20, an economic impact plan approved pursuant to title 7, chapter 53, or a community redevelopment plan approved pursuant to the CRA Act. See Tennessee Code 9-23-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Statute: A law passed by a legislature.
- Tax increment revenues: means incremental property tax revenues to be allocated by a taxing agency to a tax increment agency pursuant to a tax increment statute and this chapter. See Tennessee Code 9-23-102
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
Notwithstanding any tax increment statute or any plan to the contrary, no allocation of tax increment revenues shall be made with respect to any property for a period of more than twenty (20) years in the case of an economic impact plan, or thirty (30) years in the case of a redevelopment plan or community redevelopment plan as defined in § 9-23-102, unless both the commissioner and the comptroller have made a written determination that a longer period is in the best interest of the state. If the written determination approving or declining the longer term is not rendered within thirty (30) days, the longer term is deemed approved.